CLSA has replaced Tata Motors with Lupin Ltd. in its top 5 buy ideas, citing lack of triggers in the automaker as compared with the drugmaker's expected product launches in the United States.
The brokerage says Lupin "sees triggers from launch of limited competition products like Tricor and Cipro OS in the U.S. market that can lead to a potential 11-13 percent upgrade to our and consensus FY13 EPS".
CLSA also adds that consumer staple stocks would cease to be defensive bets given the valuation premium at an all-time high implies potential slowdown in GDP growth has not been factored in.
"HUL and ITC are trading at all time high PE premium to Sensex PE," CLSA said in a report.
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